Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more.

Start Earning Interest
Ad: Bybit - Make your first deposit and earn bonuses of up to $3,000, and more! Earn now!

Ethereum DEX SushiSwap (SUSHI) makes an ‘on-chain’ $1 million donation

The project donated to a new DAO that focuses on making crypto donations easier and more traceable.

Deposit and Earn Up to $3000 Bonus

Core contributors of Ethereum-based decentralized exchange (DEX) SushiSwap have donated over $1 million to charitable causes via an โ€˜on-chainโ€™ method using a decentralized autonomous organization (DAO).

Sushi for a cause

Over 17 organizations centered on 6 general cause areas received grant awards. These cause areas include global hunger, Autism awareness, environmental and climate impact, cancer research, gorilla sanctuary development, and diversity in blockchain.ย 

The gift was processed via SushiSwap and led by the projectโ€™s anonymous core developer 0xMaki, with the team donating over 55,100 SUSHI to Endaoment, the charitable DAO.

Endaoment is one of the first Donor-Advised Funds (DAF), a charitable financial account owned by a nonprofit public charity in which donors give assets to the DAF provider as a tax-deductible donation.ย 

Donors can then make grant recommendations, advising their DAF, in this case, Endaoment, on where theyโ€™d like its holdings committed.

โ€œThis donation from 0xMaki and the SushiSwap developer team is not only historic for Endaoment, but also for the greater crypto and blockchain nonprofit community,โ€ said Endaoment President and CEO, Robbie Heeger.ย 

He added the donation served as proof of what Endaoment and other blockchain-based nonprofits aimed to achieve as they bridge the gap between crypto and fiat donations. โ€œThe sheer size of this donation also exemplifies the sophistication and effectiveness of Endaomentโ€™s infrastructure, team, and community,โ€ Heeger said.

Ethereum for US non profits

As the first public charity in the crypto space, Endaoment can uniquely power Ethereum-based donations to nearly any nonprofit organization within the United States.ย 

Meanwhile, Endaoment said it would further work with SushiSwap to launch the โ€œSushiSwap Community Fundโ€โ€”enabling SUSHI holders to make donations that will be delivered to nonprofits determined by the broader community.ย 

In turn, SushiSwap has also allocated a portion of their gift to Endaoment in order to assist in the advancement of DeFi-native philanthropic vehicles that let users suggest grants in USD to nearly any charity in the country.

โ€œThis donor advised fund will be the best place for $SUSHI holders that want to give back while having a meaningful net-positive impact on the world,โ€ noted 0xMaki, a contributor to SushiSwap.

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis
Price snapshots
More context
Join now for $19/month Explore all benefits
Deposit and Earn Up to $3000 Bonus

Like what you see? Subscribe for updates.